Public Bank posts RM1.38b net profit

by NUR HAZIQAH A MALEK / pic by TMR FILE

PUBLIC Bank Bhd has posted a 37.99% year-on-year (YoY) increase for its net profit at RM1.38 billion for its second quarter ended June 30, 2021 against the previous RM1.00 billion on the lower base effect in the previous corresponding quarter arising from one-off day 1 net modification loss on Covid-19 relief measures and the negative effect of overnight policy rate (OPR) reduction.

Its revenue for the period was also higher at RM4.92 billion versus the previous year’s RM4.74 billion.

For the year-to-date (YTD) period, the group posted a net profit of RM2.91 billion against the previous RM2.33 billion, noting that its continued profitability was largely supported by its lending core business and deposit-taking, and further driven by its non-interest income.

However, its revenue declined at RM9.95 billion, versus the RM10.25 billion that was reported in the previous year’s YTD period.

Public Bank founder and chairman Tan Sri Dr Teh Hong Piow said the Public Bank Group will continue to proactively support the nation in navigating the Covid-19 pandemic, and assist to strengthen the path to stronger recovery through its role as a financial intermediary amid the still extremely challenging operating environment.

“As strong headwinds persist, the group will remain vigilant of the significant uncertainties on the road to recovery ahead.

“The group will remain committed to disciplined cost control and prudent risk management in order to build ample buffers to absorb possible adverse shocks caused by the pandemic,” he said.

He added that with its strong Public Bank brand, resilient asset quality and excellent customer service, the group is well positioned to forge ahead with continued business growth and deliver its commitment of excellence to all its stakeholders.

The group had also declared a first interim dividend of 7.5 sen per share, with a total payout of RM1.46 billion representing 50% of its net profit for the half year ended June 30, 2021.